Hyundai won’t be drawn into an electric vehicle (EV) price war in Australia.

The Korean manufacturer currently offers six electric models in Australia – the Inster, Ioniq 9, Kona Electric, Ioniq 6, Ioniq 5, and Ioniq 5 N – the cheapest of which (Inster) starts at $39,000 before on-road costs.

At the other end of the spectrum, the new Ioniq 9 is the most expensive Hyundai ever sold in Australia, with a retail price of $119,750 plus on-roads.

Chinese automakers currently have the upper hand when it comes to EV pricing – BYD, GWM, Chery and MG all boast electric models cheaper than the Inster, and the same comparisons can be made across other vehicle segments.

Hyundai ranked seventh for EV sales (2689 total) in Australia last year, sitting behind Tesla, BYD, MG, BMW, Volvo, and sister brand Kia.

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Above: Inster

However, Hyundai won’t slash prices or introduce cheaper EVs to win over new car buyers, according to local boss Don Romano.

“I don’t think any change in our pricing competitiveness is something that is a long-term issue,” Mr Romano told media including CarExpert at the launch of the Ioniq 9.

“When you look at Chinese EVs, the question I’d have is how long can they sustain that low price when we’re all using the same materials and the same equipment?”

Instead, Hyundai’s next move will be to shift upmarket, as evidenced by the introduction of the Ioniq 9. While brand representatives stressed that there’s no premium push on the horizon, Mr Romano says Hyundai needs to aim higher going forward.

“I think if we don’t start moving upmarket, that’s the risk. I think there’s a number of manufacturers that are not taking that type of bold step, and they’re going to regret it in the future,” said Mr Romano.